Zool Capital P2P Business Loans

What can I use a Zool Capital business loan for?

Zool Capital's business loans can be used for anything related to the growth of the business.

That includes:

• Buying equipment
• Working capital
• Debt consolidation
• Franchise financing
• Bridging finance

How does a P2P business loan from Zool Capital work?

You can apply for a business loan of between $25,000 and $2,000,000, either directly through Zool or a broker.

When you apply for a Zool Capital business loan you will also provide documents explaining your business plan and financials. After that, your application will be put to investors.

These investors can then bid to fund your loan. They will then earn the return on the repayments you make.

Zool business loans are also available through commercial finance brokers.

Your loan is repaid in monthly instalments over a period of 6 months to 4 years, and the interest rate is determined during the loan auction process. You can repay your loan early without penalty.

What features come with a Zool Business Loan?

This innovative loan comes with numerous features and benefits, including:

• Large loan amounts available. You may be eligible to borrow anywhere between $25,000 to $2,000,000.
• Loan term: Zool business loans can range between 6 months to 4 years.
• Loan security. These loans must be secured and you can secure them against commercial or residential property.
• LVR: With residential security you can borrow up to 75% of the property value, or 70% for commercial property.
• Fixed repayments. Your repayments will be made in fixed monthly instalments over a period ranging from 6 months to 4 years.
• No fees for early repayments. If you find you can repay the loan early, you're able to do so without being charged a fee.
• Repayment type.Borrowers can repay principal and interest loans or choose interest only.
• Peer-to-peer lending. Loans from Zool are backed by investors, in what is called peer-to-peer lending.

How can I apply for a Zool business loan?

Zool works a little differently to other lenders so it's important to know the application process straight up.

1. Register and inquire. You'll need to register on the Zool website and submit an inquiry or application with details of your business and finances.
2. Zool assesses the business. Zool will assess the application and check factors such as the loan purpose, credit score and financial stability.
3. Submit documents. Once Zool has accepted your inquiry, the business will need to submit a full business plan, financial details and collateral information. It will decide your loan term and amount.
4. Receive loan details. If successful, Zool will send a contract outlining details of the loan's terms and conditions.
5. Receive the funds. Once everything is signed you'll get the funds for you to use for whatever business purpose you need.

Frequently Asked Questions

• Am I eligible to apply?

  Generally, ThinCats is looking for SMEs that require loans for growth and experienced business operators who can service the debt. If you have a capacity and willingness to repay the loan, which includes principal and interest repayments, you may be eligible to apply.

• Can I be approved with bad credit?

  Businesses need to have no overdue ATO debt and no history of defaults in order to be eligible for a ThinCats loan.

• What financial information do I need to provide?

  You'll need to provide information such as up-to-date BAS returns, quarterly management accounts, financial spreadsheets showing adequate debt service coverage, interest coverage, and positive current and projected cash flows.

• Do I need to provide security?

  Yes, security is required for this loan. Security may include real estate, but keep in mind that all loans are secured by a first charge over your assets and recorded on the Personal Property Securities Register.

• Do the company directors need to be involved with the loan?

  Personal guarantees are obtained from all company directors.

Written by

Elizabeth Barry

Lead Editor

Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio

Elizabeth's expertise

Elizabeth has written 211 Finder guides across topics including:

• Banking
• Personal finance
• Investing